Internal Revenue Service, Section 6166, and oil and gas: legislation by interpretation

Journal Article · Wed Jun 01 00:00:00 EDT 1983 · Oil Gas Tax Q.; (United States)

OSTI ID:5797338

Choate, G M; Massoglia, D J

The importance of adequate estate planning regarding oil and gas properties has increased with the rise in world oil prices. The Internal Revenue Code, Sections 6166 and 6166A, which permit a deferment of estate tax payments by taxing future business earnings instead, inadvertently prohibits the estates of those who were actively engaged in the oil and gas industry as sole proprietors. Legislative reform is deemed to be necessary in order to allow Congress' original intentions to be realized. The background of the Code is discussed as well as the qualifications necessary in the IRS' estimation of electing those eligible for deferments. 25 references.

• Research Organization: Peat, Marwick, Mitchell and Co., Midland, TX
• OSTI ID: 5797338
• Journal Information: Oil Gas Tax Q.; (United States), Vol. 31:4
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
03 NATURAL GAS
29 ENERGY PLANNING
POLICY AND ECONOMY
NATURAL GAS INDUSTRY
TAXES
PETROLEUM INDUSTRY
PROPERTY MANAGEMENT
FINANCIAL INCENTIVES
RESOURCE DEVELOPMENT
US IRS
LEGISLATION
INDUSTRY
MANAGEMENT
NATIONAL ORGANIZATIONS
US DEPARTMENT OF TREASURY
US ORGANIZATIONS
021000* - Petroleum- Legislation & Regulations
031000 - Natural Gas- Legislation & Regulations
294002 - Energy Planning & Policy- Petroleum
294003 - Energy Planning & Policy- Natural Gas